Most folks only think about the annual Form 1120 Tax return, but there’s actually a ton of taxes and tax deadlines for Delaware C-Corps.
And Yes, even bootstrapped pre-revenue startups must pay taxes. You might not be subject to Income Taxes (which are based on profitability) but you will still be subject to a wide variety of other taxes which aren’t always connected to Revenue.
To start, here are 4 Startup Tax Calendars, based on metro:
Quick caveat though, these startup tax checklists aren’t complete. There are actually a bunch of taxes out there, some of which may or may not apply to you (depending on your unique circumstances, of course). Here’s a list of just some of the different types of taxes out there that you may need to consider:
A very common misconception is that the CPA or firm that filed your annual tax return (the 1120) will have taken care of all these types of taxes: that is never the case!! It is always the CEO’s responsibility to make sure that these taxes are addressed and paid on time. Granted, a CEO can only know so much… and the CPA can only guess as to which types of taxes a company might be subject to. Hence, it’s really important to sit down with a CPA to make sure that all bases are covered based on your company’s unique situation.
You can find the official Form 1120 on the IRS’ website. Always go directly to the IRS’ site to get the form, as they tend to have minor changes from year to year. You can get the IRS Form 1120 by clicking here to visit the Internal Revenue Service’s page about Form 1120.
For most US corporations, April 15th is the due date for the Form 1120, the corporate income tax return. However, due to a Federal holiday, the IRS has moved the deadline to April 18th, 2023 and this can be extended until October 16th, 2023.
If a corporation wishes to extend its Form 1120 due date, it can request an extension of time to file. To obtain an extension, the corporation must file Form 7004, “Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns,” by the original due date of the return. The extension will generally allow the corporation to file its tax return up to six months after the original due date.
The Internal Revenue Service (IRS) is responsible for enforcing the federal income tax laws and for administering the tax system in the United States. The IRS is a bureau of the U.S. Department of the Treasury and is responsible for collecting taxes, enforcing the tax laws, and providing tax assistance to taxpayers.
If the due date for filing a tax return falls on a Saturday, Sunday, or legal holiday, the due date is moved to the next business day. This means that if April 15 falls on a weekend or legal holiday, the due date for filing the tax return would be the next business day. Recently, a combination of Emancipation day, a holiday in Washington DC, where the IRS is headquartered, and the 15th falling on a weekend, have pushed out the Form 1120 due date.
Corporations wishing to file the Corporate Income Tax Form 1120 with the IRS by mail must use the correct mailing address for the IRS based on the corporation’s location, and in some instances, the corporation’s total assets at year end. Visit the IRS’ website here to find the correct mailing address.
To file Form 1120, a startup founder will need several documents and financial statements related to their business. Here’s a good starting list of the materials you’ll need to have on hand to complete Form 1120:
Getting these materials together will help you produce your tax return Form 1120 more quickly and efficiently. One good tip is that it makes sense to keep track of these materials as you create them during the year, so that there isn’t a rush in March trying to get everything pulled together!
Form 1120 Department of the Treasury Internal Revenue Service
For calendar year 2020 or tax year beginning _ _ _ _ _ _ _ _, 2020, ending _ _ _ _ _ _ _ _ , 20_ _
▶ Go to www.irs.gov/Form1120 for instructions and the latest information.
OMB No. 1545-0123
2020
A Check if:
TYPE
OR
PRINT
Warning: This information is for informational purposes only and should not be used for official tax matters. Use the official Form 1120 and instructions, generally found at: https://www.irs.gov/forms-instructions. Rely on this information at your own risk. Visit https://www.irs.gov/forms-instructions for official IRS information. Consult with a tax professional.
Warning: This information is for informational purposes only and should not be used for official tax matters. Use the official Form 1120 and instructions, generally found at: https://www.irs.gov/forms-instructions. Rely on this information at your own risk. Visit https://www.irs.gov/forms-instructions for official IRS information. Consult with a tax professional.
Warning: This information is for informational purposes only and should not be used for official tax matters. Use the official Form 1120 and instructions, generally found at: https://www.irs.gov/forms-instructions. Rely on this information at your own risk. Visit https://www.irs.gov/forms-instructions for official IRS information. Consult with a tax professional.
Warning: This information is for informational purposes only and should not be used for official tax matters. Use the official Form 1120 and instructions, generally found at: https://www.irs.gov/forms-instructions. Rely on this information at your own risk. Visit https://www.irs.gov/forms-instructions for official IRS information. Consult with a tax professional.
Warning: This information is for informational purposes only and should not be used for official tax matters. Use the official Form 1120 and instructions, generally found at: https://www.irs.gov/forms-instructions. Rely on this information at your own risk. Visit https://www.irs.gov/forms-instructions for official IRS information. Consult with a tax professional.
Warning: This information is for informational purposes only and should not be used for official tax matters. Use the official Form 1120 and instructions, generally found at: https://www.irs.gov/forms-instructions. Rely on this information at your own risk. Visit https://www.irs.gov/forms-instructions for official IRS information. Consult with a tax professional.
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